Earnings: J.P. Morgan and Wells Fargo are among a small group of companies scheduled to report quarterly results.

THE BREAKFAST BRIEFING

Little is getting in the way of the stock market’s relentless push higher.

Major indexes have risen every day this week, putting the Dow Jones Industrial Average on pace to surpass 15000 for the first time ever and the S&P 500 set to exceed 1600, a level that has never been achieved. A combination of favorable monetary policies around the globe, an improving economy and record corporate profits have driven stocks to these lofty levels.

Whether the rally will finish the week the way it started will likely depend on how bank earnings season kicks off and how the latest economic data play out, headlined later today by the March retail-sales report.

J.P. Morgan is a bellwether for the investment banks, giving a read on trading and fees as well as a general economic picture from its massive reach. Wells Fargo is traditionally seen as a looking glass into the more traditional banks in terms of lending, particularly in mortgages where it is the biggest originator of loans.

Shares of both stocks have ridden this year’s rally in banking stocks to strong gains, with J.P. Morgan up 12% through Thursday and Wells Fargo up 10%. The KBW Bank Index has gained 10.8% this year, a rally that is now lagging the broader market after driving gains earlier this year.

Meanwhile, the government’s retail sales report is set to come one day after retailers posted tepid same-store sales for a second month in a row. Cold weather and a jittery consumer hindered by higher taxes have recently weighed on retailers’ results.

Economists are expecting more of the same in Friday’s report.

While the consensus estimate predicts retail sales dropped 0.1% in March after rising 1.1% a month earlier, economists caution against reading too much into today’s figures.

“Today’s March retail sales report will be compromised by Easter seasonal effects, so it should be treated with great caution, no matter how strongly the data appear to support your prior convictions of the state of the consumer,” says Ian Shepherdson, chief economist at Pantheon Macroeconomic Advisors.

For stocks, Dow 15000 and the S&P 500 at 1600 are levels that seemed unattainable just a few months ago. The Dow reclaimed 14000 on Feb. 1 and then jostled around that level for more than a month before setting a new record high in early March. Since then, the rally has been off to the races. The Dow closed Thursday at 14865.14. The S&P 500 finished at 1593.37. Both were fresh record highs.

Today’s bank earnings and economic data will likely play a role in how far the indexes can keep rallying, at least for a day.

Morning MarketBeat Daily Factoid: On this day in 1945, President Franklin D. Roosevelt passed away from a cerebral hemorrhage. The 32nd president of the United States passed away in Warm Springs, Ga. Roosevelt, who was 63 years old at the time of his death, was replaced as president by Harry Truman.

J.P. Morgan is projected to post first-quarter earnings of $1.39 a share, according to a consensus survey by FactSet Research. Analysts at Keefe, Bruyette & Woods said they will be looking closely at its asset-management business, which accounts for the second largest share of the bank’s total revenue.

Wells Fargo is forecast to report first-quarter earnings of 89 cents a share. The stock is up 10% year-to-date and almost higher by 12% over the past 12 months.

Shares of LinkedIn are also expected to be active Friday. The professional social-networking company said late Thursday it bought Pulse, a news reader and mobile-content company, for $90 million from Alphonso Labs.

Fund Nets $2 Billion Trade: ”Och-Ziff, in a strategy developed by a 30-year-old trader, racked up gains of almost $2 billion through bets in exotic debt markets. It was likely one of the most successful trades of 2012.”

Nasdaq Cuts Bonus of CEO: “The board of Nasdaq OMX Group Inc. slashed the bonus of Chief Executive Robert Greifeld following the exchange group’s botched handling of the Facebook Inc. stock-market debut.”

Target Is ‘Flexible,’ Says Japan Bank Chief: “The Bank of Japan’s new governor, who launched one of the world’s most aggressive monetary-easing campaigns last week, shaded his views Thursday, noting that the central bank’s ambitious inflation target is “flexible” and stressing he remains vigilant for signs that the BOJ’s massive infusions of money into the economy is causing bubbles in stock or other asset markets.”

John Paulson to Start New Hedge Fund: “John Paulson took flack for considering a move to Puerto Rico, one that would have cut his tax bill. Mr. Paulson dropped the idea of a move. But the hedge fund manager seems more determined to help his clients reduce their own tax bills.”

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